EQ Resources expands Mt Carbine mine and enters US tungsten processing deal

EQ Resources is expanding its Mt Carbine tungsten operation in Australia with a $39 million investment aimed at doubling ore crushing capacity by March 2027. As part of this expansion, the company has signed a binding framework agreement with The Elmet Group and Blue Moon Metals to support the restart of a tungsten processing plant in Nevada, USA.

Under the agreement, EQ Resources will take a 10% stake in the proposed Nevada joint venture and supply 4,000 tonnes of contained tungsten in concentrate over an eight-year period once the plant is commissioned. This supply will be sourced from the company’s producing operations in Australia and Spain.

The move comes amid discussions regarding the security of Western tungsten supply chains. While tungsten prices in the US and Europe have remained stable around 3,000 USD/mtu WO3, reports indicate upward price trends in China due to raw material shortages. Industry observers note that securing reliable Western processing and supply is increasingly critical as demand grows for applications in semiconductors, smartphones, and advanced machinery.